Cardinals’ Ball Park Village Tax Incentives Approved
ST. LOUIS, MO (KPLR) – The Cardinals cleared a financial hurdle today in making the latest ballpark village development plan a reality. The city of St. Louis` Housing, Urban Development and Zoning Committee unanimously approved the Cardinals request for millions in tax incentives from the city.
The Cardinals and developer Cordish Companies are buying $100 million in bonds to finance the first phase of the project which was announced yesterday. But the Cardinals want the city of St. Louis and the state to give them $17 million in tax incentives to pay back the portion of the bonds which will be used to improve public infrastructure around ballpark village.
Those are things like streets, sewers, traffic lights, etc.The Cardinals say the city and state will receive millions more in tax benefits in the long term from the project than they will sacrifice with the tax incentives.The Cardinals now go before the board of estimate and apportionment. If it passes out of there they will go before the full board of alderman for a final vote on the city`s portion of the tax breaks.
The full board of vote would likely happen before July 13th because that`s when the board adjourns this session.The Cardinals still have to get the state approval.
Phase one of the project includes a Cardinal nation facility, a massive Anheuser Busch restaurant and bar and a live event plaza area with a retractable roof. The Cardinal nation facility includes a restaurant/bar along with a Cardinal hall of fame and museum. Both the Cardinal nation and A.B. venue would have rooftop seating where fans could watch the games at Busch.
The Cardinals hope to start construction this fall and have phase one of ballpark village completed by opening day of 2014.